Agenda - Council - 05/26/2026 - Laserfiche WebLink

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High - $24,990,000 or $245,000/unit For the purposes of this case and TIF projections, Staff is using the Middle estimated assessed valuations for the preliminary TIF and future property tax analysis. All new data will be reviewed by Ehlers during the TIF District creation process as the project moves forward. Taxes and TIF The parcel is not in TIF 14 district. Trident has requested the creation of a new 18(20) year Housing Tax Increment District and to retain 95% of the available increment. The estimated annual property taxes for the completed projects are $306,617 for the AL/MC building (TIF) and $263,986 for the IL building (not included in TIF). Currently, the land proposed for the MC/AL project is generating $23,211 in property taxes annually and the IL Land is generating $10,708 in annual property taxes. The Developer is seeking tax increment financing for the MC/AL project only. Under the $22.44M tax assessed valuation scenario for the MC/AL project, it would generate approximately 250K annually and 4.38M in Raw TIF over the 18-year TIF Housing District. Under the 95% (developer) / 5% (City) scenario, this would equate to 237K (Trident) and 12.5K (City) annually. Please note that the City does not anticipate any costs to be incurred by the city as a result of this project other than administrative costs to create and maintain the district for upping the percentage for the developer does not financially hurt the city. Based on recent negotiations, Staff has put together an updated TIF Estimate showing the current 18-year proposal. Staff and Ehlers have also put together an attached summary TIF document that provides, estimated valuation, taxes and estimated TIF for the AL/MC project for reference. Ehlers has put together a memo analyzing the project and the need for assistance which is highlighted in the Observation section of this memo. Zoning The proposed development property is currently zoned COR-1 (mixed use core sub -district) which is zoned appropriately for the proposed project. Staff has communicated the design standard for the COR 1 district, which requires the highest level of materials and connectivity to the street. The proposed memory care and assisted living use traditionally does not typically see a lot of mobility outside the building to adjacent businesses by its residents, although visitors will be coming and going to the site on a regular basis which could visit businesses in the COR. However, the 84-unit independent living project proposed along Sunwood Drive NW will include active seniors that will provide many customers for businesses in the COR. Notification: None required at this time. A Public Hearing will need to be scheduled for the Creation of TIF District 20 (Trident) on July 14, 2026 which is being considered at this Council Meeting. A full schedule of upcoming steps to create the TIF district is attached to this memo as well. Time Frame/Observations/Alternatives: Time Frame/Observations/Alternatives: The Developer is planning to submit a site plan this year and to commence construction shortly after the approval of TIF requested herein. Trident has provided a Demand Assessment for Senior Housing in Ramsey Study which has identified the following demand for 130 Independent Living units, 62 Assisted Living units and 47 Memory Care units by 2030. This addition to the COR will help fill a need and provide housing options that are not already provided within the COR. The revised raw TIF ask is for 4.147M in raw TIF with a present value of 2.35M. The City Council, through consensus at the March 24, 2026 Work Session, was supportive of the project as presented. The EDA reviewed the TIF Request at the May 14, 2026 Meeting and unanimously adopted a recommendation to the City Council in support of the level of assistance being proposed for this multi -faceted housing project. This Council action calling for a public hearing and to move forward to draft documents for creation of the District, TIF Plan and TIF Agreement with Trident does not formally approve the assistance package. This action would take place following the public hearing on July 14. TIF Application Staff has reviewed and scored the attached TIF application. Staff has received the $4000 TIF Application Fee and